Our View: Time is running out to take responsible action

Congress returns to Washington today after a long holiday weekend, and hopefully with a renewed commitment to taking action on hammering out a compromise to head off the financial problem known as the fiscal cliff.

The Bulletin

Writer

Posted Dec. 27, 2012 at 12:01 AM
Updated Dec 27, 2012 at 2:15 PM

Posted Dec. 27, 2012 at 12:01 AM
Updated Dec 27, 2012 at 2:15 PM

Norwich, Conn.

Congress returns to Washington today after a long holiday weekend, and hopefully with a renewed commitment to taking action on hammering out a compromise to head off the financial problem known as the fiscal cliff.

There are only four days remaining before taxes for every American rise and painful across-the-board cuts are automatically implemented, which, according to most economists, could push the nation back into recession.

There is, in our minds, sufficient time to accomplish something. Sadly, the time to accomplish more than just “something” has been squandered.

The biggest stumbling block in the negotiations is the Bush tax cuts due to expire next week. It appeared last week that a compromise on that point was within reach, but that brief period of optimism was quickly erased.

We felt that Speaker John Boehner’s proposal to allow taxes to increase on those earning $1 million or more was both a practical and reasonable compromise, breaking the stalemate on the tax issue and enabling both sides to move forward on an agreement regarding spending cuts. We commend Speaker Boehner who, in our opinion, showed real statesmanship and political courage in his effort to break the stalemate.

We were, however, greatly disappointed that President Barack Obama didn’t immediately take advantage of that opportunity and agree to that, thus making significant progress in moving the negotiations forward.

And we were even more disappointed that the Republican caucus in the House flatly rejected Boehner’s Plan B, handing the speaker an embarrassing defeat and creating reasonable doubt over whether there is any plan that he could agree to that his caucus would find acceptable.

That is a troubling new obstacle that potentially stands in the way of any resolution as we again approach another 11th Hour crisis. The opportunity for the “big deal” has passed. The focus now is achieving “any deal” to avoid the fiscal cliff.

Is it any wonder, given such solid examples of fiscal irresponsibility on the part of so many, that we are in this fiscal mess?

That’s our opinion. We’d like to hear what you think. Send your comments to letters@norwichbulletin.com.